Canara Bank offers gold loans to meet the short-term need of the customers like medical expenses, wedding in a family, sudden contingencies, etc.
The Canara Bank Gold Loan is also known as Swarna Loan which can be availed by keeping gold as security. The Swarna Loan offers up to 90% loan amount of your gold item according to present market value.
The Swarna Loan Scheme offers two variants to the customers named Swarna Overdraft and Swarna Express. Canara Bank Gold Loan comes with interest rates starting at 7.65% per annum with a maximum loan amount up to Rs.20 lakh.
| Particulars | Details |
| Interest Rate | Starting from 7.65% per annum |
| Loan Amount | Rs. 5,000 to Rs. 20 lakh |
| Loan Tenure |
|
| Processing Fee | 0.5 % of the loan amount + GST subject to a minimum of Rs.500 |
| Canara Bank Gold Loan Processing Charges | 0.25% of the loan amount |
| TYPE | CHARGES |
| Processing Fee | 1% of the loan amount (Minimum Rs.1000 and Maximum Rs.5000). |
| Foreclosure & Part Payment Fee | NIL |
| List Of Documents |
|
| BANKS | Interest Rate |
| AXIS Bank Gold Loan | 14.50% to 17% |
| HDFC Bank Gold loan | 11% to 16% |
| Kotak Mahindra Bank Gold Loan | 10.50% to 17% |
| Yes Bank Gold Loan | 11.25% to 16.25% |
| ICICI Bank Gold Loan | 10.00% to 19.76% |
| RBL Bank Gold Loan | Starting at 10.75% |
| IndusInd Bank Gold Loan | 10.50% to 16.00% |
| Canara Bank Gold Loan | Starting at 13% |
| Punjab National Bank Gold Loan | 10.05% to 11.05% |
The minimum loan amount is Rs.10000 and maximum loan amount is Rs.10 lakh provided by Canara Bank for Gold Loan.
The repayment tenure of Canara Bank for gold loan is 1 year. So the borrowers can repay the loan within a period of 1 year.
Yes, the processing fee charged by Canara Bank for gold loan is 1% of the loan amount (Minimum Rs.1000 and Maximum Rs.5000)
Yes, under the Swarna gold loan scheme, the gold loan can be availed against gold coins sold that were sold by banks. However, the limit is up to a maximum of 50 grams per customer.
Canara Gold Loan has a flexible repayment option of up to 2 years.
The minimum age of the customer is 18 years and the maximum age of the customer is 70 years to get a gold loan from Canara Bank.
Canara Bank does not require a co-applicant for gold loans.
The minimum loan amount is Rs.5,000 and the maximum loan amount is Rs.20 lakh provided by Canara Bank gold loan.
Know More About
You're eligible for a Canara Bank Gold Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Gold Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Canara Bank Gold Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 13% - 0% |
| Processing Fees | 1% of the loan amount (Minimum Rs.1000 and Maximum Rs.5000) |
| Loan Tenure | 1 year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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